H0721: Paid Family Leave Insurance

Legislative Summary

Authorizes life insurers to transact paid family leave insurance; provides circumstances under which paid family leave insurance may be issued & purchased under paid family leave insurance policy; provides circumstances under which family leave insurance benefits may be provided; requires that paid family leave insurance policies specify details & requirements relating to covered circumstances; specifies requirements for policies relating to benefit periods, waiting periods, benefit amounts, certain offsets, & payment of benefits; provides that eligibility for family leave insurance benefits may be limited, excluded, or reduced, but any such limitation, exclusion, or reduction must be specified in policy; provides circumstances under which limitations, exclusions, & reductions are permissible; provides applicable provisions for calculating rates; provides that paid family leave insurance forms & riders are subject to review by OIR; specifies means by which policy must offer family leave insurance benefits.